(2) step one (a) If a search is made because of the mortgagee to decide most of the debtor’s actual and private property and that is applied on the percentage of loans and is also figured foreclosures of the property guarantee conversion mortgage wouldn’t result in recovering one high a lot more assets of the debtor and this can be used to satisfy the financial, the latest mortgagee might still manage to recover from the fund without having to foreclose, so long as such as for instance financial is insured pursuant to help you s. just before July step 1, 1993.
(b) Anyone which matches all the standards place because of the code having healing under so it subsection will get connect with this new department to have fee to-be designed to such as people regarding the Household Collateral Conversion process Home loan Guarantee Fund inside the an amount comparable to the maximum recovery since provided here.
Records.–s. 4, ch. 84-251; s. 49, ch. 85-62; s. dos, ch. 85-162; s. cuatro, ch. 86-267; s. 3, ch. 87-84; s. 56, ch. 95-211; s. 778, ch. 97-102.
step one Notice.–Point cuatro, ch. 86-267, alleged to amend “paragraph (a) from subsection (2),” but didn’t lay out in full the new amended paragraph in order to include subparagraphs step 1. and you can 2. and you can 2., the subparagraphs are prepared out as follows getting reference purposes, pending clarification from the then action from the Legislature: